Airtel to apply for Payment Bank licence

New Delhi, Jan 29: Bharti Airtel Limited's wholly owned subsidiary Airtel M Commerce Services Limited (AMSL) is seeking to convert its existing Prepaid Payment Instrument licence into a Payments Bank licence to be issued by the Reserve Bank of India, a company statement said Thursday. AMSL, which offers mobile money services under the brand name Airtel Money, was launched in 2011. It also announced that subject to grant of a Payments Bank licence to AMSL by the RBI and all regulatory approvals, Kotak Mahindra Bank Limited will acquire 19.90 percent stake in AMSL as an investor. Payments bank licence is issued by the Reserve Bank of India (RBI) - the apex bank of the country.